2. At what amount should dividends payable be shown in the consolidated balance sheet? E3-6 Prepare journal entries and balance sheet under push-down accounting Book values and fair values of Son Corporation's assets and liabilities on December 31, 2015, are as follows (in thousands): Book Value Fair Value Cash $ 560 $ 560 Accounts receivable-net 640 640 Inventories 640 800 Land 1,200 1,600 Buildings-net 2,800 4,000 Equipment-net 1,760 2,400 $7,600 $10,000 Accounts payable $ 800 $ 800 Note payable 1,120 1,200 Capital stock 4,000 Retained earnings 1.680 $7,600 On January 1, 2016, Pop Corporation acquires all of Son's capital stock for $10,000,000 cash. The acquisition is recorded using push-down accounting. REQUIRED 1. Prepare the January 1 journal entry on Son's books to record push-down values. 2. Prepare a balance sheet for Son Corporation immediately after the acquisition on January 1 under push-down accounting. E3-7 me etatements with and without fair value/book value